Monthly Income & Expenses of a Typical Single, Young Professional in a Committed Relationship

This list below is by no means a complete representation of income and expense. The main purpose of listing these variables is to serve as a guide for budget calculations and management of personal finances. Financial planning plays a key role in personal financial success. Another factor for effective money management is control of cash flows. Thinking about the future is essential to successful later in life, which makes sense when you invest at the early stages in life. Here are just few of important points to consider when you plan a budget. Note that these would vary from person to person with different lifestyles, tastes and behaviour towards spending money.


Income:
Monthly salary from employer

Expenses:
Income taxes
Sales tax
Goods and services taxes
Other taxes
Employment insurance
Group insurance from employer
Group pension/retirement plan from employer
Other deductions
Savings for retirement (RRSP)
Savings for house/condominium/property purchase
Saving for car purchase or car replacement/lease
Saving for car/vehicle maintenance
Savings for consumer electronic products & home entertainment system
Savings to buy furniture
Saving for vacations, travels, visits, leisure trips
Savings for emergencies & unexpected costs
Housing/apartment rent
Food and drinks
Transportation cost
Loan/debt repayment
Credit card debt payments
Accident/Life insurance
Personal grooming and maintenance expenses
Clothing and accessories
Recreation, fun, and entertainment expenses
Health, well-being, and physical fitness fees
Social relationship and dating expenses
Birthdays, celebration, special occasions and events


*** Failure to have a personal budget analysis, planning and control would often result in budget deficit.